THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Wednesday, July 04, 2001

• AGRI-BUSINESS
• COMMODITIES
• CORPORATE
• INDUSTRY
• LETTERS
• LOGISTICS
• MACRO ECONOMY
• MARKETS
• NEWS
• OPINION
• VARIETY
• INFO-TECH
• CATALYST
• INVESTMENT WORLD
• MONEY & BANKING

• PAGE ONE
• INDEX
• HOME

Markets | Next | Prev


Gloomy conditions weigh down sentiment

Reshma Krishnan

IF it was the removal of badla that tormented traders all these days, on Tuesday, it was the turn of UTI to chill the markets.

The Bombay Stock Exchange sensitive index, the Sensex, ended Tuesday's trading session at 3312.29 points, down 113.74 points or 3.3 per cent from the previous day's close of 3426.03 points.

It was a downhill ride all the way from the start with the open trading value becoming the intraday high for the day. The intraday low was 3300.15.

UTI made matters worse for the markets as it had announced suspension of redemptions on its US-64 scheme for 6 months.

The broad market trend (new highs to new lows) was reflective of the market sentiment; there were only 21 new highs to 67 new lows. This ratio often indicates the underlying sentiment of the market.

The advance-decline ratio was also negative as only 350 issues increased in value while 600 issues fell. Total volumes traded were at 45 millions (44 millions).

The market was not in favour of two stocks that figure among UTI's core holdings - Infosys Technologies and Reliance Industries.

Otherwise, stocks fell across the board. NIIT was the only Sensex constituent that gained in value. Dr Reddy's, Infosys, Cipla and ITC were among the Sensex constituents that fell.

Infosys Technologies, the country's second-largest software exporter, led the losers for the day. It fell 11.98 per cent (Rs 495.95) to end Tuesday's trading at Rs 3,227.10 from the previous day's close of Rs 3,723.05.

Trading volumes jumped to 2.96 lakhs from the previous day's 49,921.

Reliance Industries also saw itself out of favour. The stock plunged 8.26 per cent to end the day at Rs 328.10 from the previous day's close of Rs 357.65. Trading volumes dipped to 33.98 lakhs (71.13 lakhs).

Larson and Toubro was not a hot prospect during the day. But still the volumes in the counter were large as there was lot of selling.

The scrip closed down Rs 13 to end Tuesday at Rs 210.10 from the previous day's close of Rs 223.45. Trading volumes rose to 11.9 lakhs (2.10 lakhs).

The market was not kind to any of the blue chip stocks and ITC was no exception. The scrip fell Rs 15.55 to end the day at Rs 742.20 from the previous day's close of Rs 757.75. Volumes rose to 2.72 lakhs (51,852).

Despite the day's gloomy conditions, Mukta Arts managed to gain in value and also attract a lot of trading interest.

The share rose by Rs 3.70 to end the day at Rs 162.50 against the previous close of Rs 158.80. Trading volumes were quite high as they rose to 15.46 lakhs from 5.88 lakhs.

The Business Line 250 composite index reflected the general market trend. The index closed down 23.8 points or 2.4 per cent to end the day at 971.1 points from the previous day's close of 994.9 points.

The commodity sector index was badly hit as it lost 6.2 per cent. It fell to 1255.1 points from the previous day's close of 1337.4 points.

The technology sector index was not far behind falling 6.1 per cent. This is probably due to the fall in Infosys Technologies, a main component of the index. The index closed down at 1779.9 points from the previous day's close of 1896.3 points.

Comment on this article to BLFeedback@thehindu.co.in

Send this article to Friends by E-Mail


Next: Volumes rise at CSE
Prev: Rolling settlement run over volumes
Markets

Agri-Business | Commodities | Corporate | Industry | Letters | Logistics | Macro Economy | Markets | News | Opinion | Variety | Info-Tech | Catalyst | Investment World | Money & Banking |

Page One | Index | Home


Copyrights © 2001 The Hindu Business Line.

Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line.